Dow falls nearly 400 points to continue second quarter’s weak start
CNN
Stocks fell Tuesday as investors continued to worry that the Federal Reserve could cut interest rates later than expected.
Stocks fell Tuesday as investors continued to worry that the Federal Reserve could cut interest rates later than expected. The Dow Jones Industrial Average dropped 395 points, or 1%, on Tuesday after declining more than 500 points at its lows. That means the blue-chip index had at one point sunk nearly 800 points during the first two days of the second quarter. On Tuesday, the S&P 500 ended the day down by 0.7% and the Nasdaq Composite lost roughly 1%. “It feels like after a strong run; people are looking for an excuse to take money off the top and allow this market to have a breather,” said Art Hogan, chief market strategist at B. Riley Financial. The market’s declines come after the S&P 500 notched its best first quarter since 2019. The S&P 500 index rose 10.2% during the first three months of the year, while the Dow and Nasdaq gained 5.6% and 9.1%, respectively. Fresh data on Friday revealed that the Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge, rose 2.5% for the 12 months that ended in February, a faster clip than January’s price increase. Fed Chair Jerome Powell warned that same day that rate cuts won’t be imminent.
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